MFDF - Mutual Fund Directors Forum - Massachusetts Files Complaint Against State Street Global Markets test

Member Login



Request an account

Sample Banner 1

Massachusetts Files Complaint Against State Street Global Markets

Last week, the Secretary of the Commonwealth of Massachusetts filed charges against State Street Global Markets for “dishonest and unethical business practices.”  The charges stem from overbilling of out of pocket expenses to custodial clients over an 18 year period, which State Street announced late last year.  While State Street’s announcement cited “incorrect invoicing,” the complaint cites emails and other evidence that State Street failed to describe mark-ups on “pass through expenses” of 1,900%. 

Massachusetts is seeking a finding that the allegations in the complaint are true; an administrative fine; censure; and other remedies, including client reimbursement.

 
  • All
  • Accounting and Audit
  • Advisory Contracts
  • Board Governance
  • Board Governance: Board Leadership
  • Board Governance: Compensation
  • Board Governance: Oversight of CCO
  • Board Governance: D&O Insurance
  • Board Governance: Self-Evaluation
  • Closed-end Funds
  • ETFs
  • Other Oversight
  • Other Oversight: Alternative Investments and Derivatives
  • Other Oversight: Custody
  • Other Oversight: Fixed Income funds
  • Other Oversight: Distribution
  • Other Oversight: Portfolio Trading
  • Other Oversight: Proxy Voting
  • Other Oversight: Securities Lending
  • Legislative News
  • Money Market Funds
  • Reference
  • Regulatory News
  • Risk
  • Shareholder Disclosure
  • Valuation
  • Webinars
  • Aaron New Tag

SHOWING 0 TO 0 OF 0 ENTRIES (FILTERED FROM 0 TOTAL ENTRIES)